In the UK, people pay stamp duty on purchasing properties as it is a tax levied by the government on purchasing residential and commercial properties. The UK stamp duty on purchasing properties is a significant source of revenue for the government and helps to fund public services.
The amount of stamp duty paid depends on the value of the purchased property. The higher the property value, the higher the stamp duty payable. The stamp duty rates vary depending on whether the property is a primary residence, a second home, or a buy-to-let property.
Stamp duty is payable within 14 days of completion of the property purchase, and failure to pay it can result in penalties and interest charges. Overall, the UK stamp duty on purchasing properties is an important aspect of the property buying process. Buyers need to factor it into their budget when considering purchasing a property.
Original Source:- https://www.quora.com/Why-do-people-in-the-UK-pay-stamp-duty-on-purchasing-properties/answer/Ranjit-Singh-3890/log
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